China’s benchmark Shanghai Composite Index (000001.SH) gained 0.66% on Wednesday, while the Shenzhen Component Index (399001.SZ) rose 0.7%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.05% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.99%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Banking Sector Dumps Record $490 Billion of Bad Assets in 2021
Banking and insurance regulator reports $663 billion reduction in shadow banking and vows to continue guarding against systemic financial risks
· PBOC Takes a Knife to Interest Rates as Economic Headwinds Grow
The rate cuts sent the yield on the benchmark 10-year government bond to its lowest in 20 months
· China’s 2021 Fiscal Revenues Rise 10.7% from 2020
Government income tops goals as economy rebounds and producer prices rise, providing more resources and leeway for 2022 budgeting, Finance Ministry says
· Hong Kong Researchers Develop Oral Covid-19 Treatment
The broad-spectrum antiviral medication has the potential to facilitate treatment at home and reduce the burden at hospitals
· China’s Environmental Watchdog Tells Local Authorities to Ensure Clear Skies During Winter Olympics
Proposed measures including curtailing operations of polluting companies and movement of vehicles to avert air pollution
· China Mulls Revisions to Sports Law to Better Protect Athletes’ Rights
Lawmakers are deliberating on proposed amendments that would also add teeth to regulations covering commercial sporting events
· Tech Insider: Foxconn’s Indonesian EV Foray, IDG Capital’s New Decarbonization Fund
E-commerce sales via Kuaishou jump as short-video platform’s losses grow, Geely partners with Renault to make vehicles in South Korea
· Tencent-Backed Car Maintenance Startup Eyes Hong Kong Listing
Shanghai-based Tuhu is looking to build up capacity amid growing demand in the world’s largest auto market
· Luckin Founder’s New Meal Kit Startup Has a Familiar Business Model
A-Bite plans to spend huge on marketing and subsidies in order to build up its market share, a similar strategy used by the delisted coffee chain
· Former Senior Chinese Banking Regulator Busted for Bribery
Cai Esheng has been booted from the Communist Party for taking bribes while working at the now-defunct China Banking Regulatory Commission
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This article was generated by Caixin Automation.
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